Constitution of Urabba Parks/Section 93

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Entitlement to charity distributions

(1)  Upon the winding-up of Urabba Parks, and after the settlement of the debts and obligations under paragraph 88(2)(a):

(a)  members of Urabba Parks shall first participate in the charity distribution of the property of the granting entity of which their membership is granted in;

(b)  if the legal rights of members of Urabba Parks are not sufficient to cover the property of the granting entity at the time the charity distribution is made upon winding-up, the liquidator shall make a charity distribution to the other members;

(c)  the assets in giving pools and giving accounts shall be paid or applied to eligible charities nominated by members of giving pools and the holders of giving accounts; and

(d)  surpluses and losses are borne in equal proportion.

(2)  The Consolidated Revenue Fund is to the necessary extent appropriated accordingly in respect of any charity distribution made by the liquidator.